This is the table of contents of Internal Revenue Bulletin IRB 2012-49. Click on an entry to view the entry. Items shown under "Highlights of This Issue" open summaries of each IRB-referenced document only. Scroll to Parts I, II, etc. to view the full text versions of each IRB-referenced document. Use the "Keyword Search" option of TouchTax to search the full text of all Internal Revenue Bulletins, including this IRB.
These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.
Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for December 2012.
Insurance companies; loss reserves; discounting unpaid losses. The loss payment patterns and discount factors are set forth for the 2012 accident year. These factors will be used for computing discounted unpaid losses under section 846 of the Code.
Insurance companies; discounting estimated salvage recoverable. The salvage discount factors are set forth for the 2012 accident year. These factors will be used for computing discounted estimated salvage recoverable under section 832 of the Code.
Weighted average interest rate update; corporate bond indices; 30-year Treasury securities; segment rates. This notice contains updates for the corporate bond weighted average interest rate for plan years beginning in November 2012; the 24-month average segment rates; the funding transitional segment rates applicable for November 2012; and the minimum present value transitional rates for October 2012. The rates in this notice reflect certain changes implemented by the Moving Ahead for Progress in the 21st Century Act, Public Law 112-141 (MAP-21).
This announcement provides relief under section 401 of the Code to taxpayers who have been adversely affected by Hurricane Sandy and have retirement assets in qualified employer plans they would like to use to alleviate hardships caused by Hurricane Sandy. In addition, this announcement provides relief from certain verification procedures that may be required under retirement plans with respect to loans and hardship distributions. The relief provided under this announcement is in addition to the relief already provided by the Service pursuant to News Release IR-2012-83 under section 7508A of the Code for victims of Hurricane Sandy.
This procedure informs the taxpayer how to request the Service to reduce the amount of a frivolous tax submission penalty assessed under section 6702(a) or (b) of the Code and the criteria that the Service will apply in determining whether a reduction would promote compliance with and administration of Federal tax laws.
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